New: Tax writers and their crypto allies hope to leverage a hearing in the Senate Finance Committee tomorrow to build on momentum for a new taxation regime for digital assets, including a suite of key asks from the industry. w/ @reportercioffi.bsky.social news.bloombergtax.com/daily-tax-re...

Thune and Schumer engaging in a live debate- Thune holding CR says it funds government until Nov 21, argues Democrats will have the same leverage then that they have now. Schumer accuses GOP of refusing to negotiate on Dems' demands, and calls for a return to the table

Floor Chart DUEL: Sen. Schumer takes Sen Thune's floor chart and has to wrangle the stand too, as he addresses Thune's criticism of Democrats' CR vote as the two parties stare down a shutdown.

CRYPTO: The Senate Finance Committee scheduled a hearing looking at the taxation of digital assets on Wednesday, October 1. buff.ly/5jwWaqa

Lawmakers are turning their attention to challenges that are frustrating taxpayers and at the center of legal disputes, with input that backers say would streamline tax administration and the judicial process. www.bgov.com/news/T334C0GPWCH5

List for no tax on tips is out: Yes for taxi and delivery drivers, waitstaff, caddies and plumbers. Hard no on exotic pet smugglers, counterfeiters or those engaging in pornographic activity. buff.ly/oOqEe52

!!NEW: Federal investigators have been poring through client records of the global law firm Baker McKenzie LLP as they expand their probe of US taxpayers fraudulently sheltering income by claiming residency in Puerto Rico.

New: House tax writers advanced two measures Wednesday aimed at improving US Tax Court operations and clarifying rules for supervisory approval of IRS penalty assessments.

Hours into his second day of contentious testimony in Congress, Kash Patel, the FBI director, sparked one of the more unusual stock rallies of the year.

The IRS has issued job postings for thousands of positions in the taxpayer services division after months of staffing cuts that shrunk the agency’s workforce by about one-quarter. buff.ly/kUDG2xp

“You’ve heard of Direct File,” new IRS Commissioner Billy Long said Monday in one of his first public appearances since taking the job. “That’s gone. Big beautiful Billy wiped that out. I don’t care about Direct File. I care about direct audit.” news.bloombergtax.com/daily-tax-re...

Tax Admin News - Taxpayers with stolen or lost refund checks would be eligible for electronic payments under a bill from Marsha Blackburn Mark Warner. A version of the blil has already passed the House. buff.ly/8V9wCnf

Republicans are pushing for policy changes on traditionally bipartisan issues like cryptocurrency, but in the aftermath of the GOP’s $3.4 trillion tax-and-spending bill there may be little goodwill left. buff.ly/Wa4KZkf

Andy Harris on outcome of HFC discussions over concerns with the bill: “We came to significant agreements with the administration overnight on executive actions, both inside and outside of the bill that will make America great again” When we may see them: “Ask the president”

!!! TRUMP TAX BILL PASSES 218-214.

!!! TAX BILL HAS THE VOTES TO PASS

The GOP’s $3.4 trillion tax bill seems headed toward passage, but backers of some policies that didn’t make it in—from normalization of tax relations with Taiwan to extending a bipartisan work credit—will ramp up lobbying before campaign season begins news.bloomberglaw.com/product/tax/...

!!! Jeffries passes McCarthy - he now holds the record for longest floor speech

Kevin McCarthy holds the current record: 8 hours, 32 minutes.

MAGIC MINUTE: Hakeem Jeffries said I'm going to take my time when and started talking at about 4:30 a.m. He's still going... looks like there's lots of speech left. Richard Neal yielded "one minute to Jeffries," But House leaders can talk for as long as they wish - Magic!

Final passage SOON: House Republicans overcame a critical procedural hurdle to advance Donald Trump’s massive tax and spending package early Thursday www.bloomberg.com/news/article...

NOW: Democrats telling members to return to the floor to start vote that tees up final passage on the tax bill.

Eric Tarpinian-Jachym, an intern in the office of Rep. Ron Estes, was shot and killed in Northwest D.C. on Monday night, Metropolitan Police and the Kansas Republican confirmed.

Super Bowl of Tax question - Assuming the GOP has the ball at about the 2-minute warning of the second half. What yardline is the party currently on?

Lobbyists worked furiously to put their stamp on the Senate tax and budget megabill with some industries racking up big wins, while others saw losses in the package passed Tuesday by the chamber. buff.ly/OuKnga9

NEW: The excise tax seen as an existential threat to the solar and wind industry has been stripped from the Senate GOP tax megabill that passed the chamber in a tie-breaking vote Tuesday. buff.ly/19Q9Kja

VANCE BREAKS 50-50 tie and Senate PASSES the massive tax and spending bill after a marathon session that began at about 9 a.m. yesterday and ended at about noon today.

VP VANCE just broke a 50-50 tie on the final amendment to add the negotiated text that's been changed over the past several days. ` They're moving to Senate passage.

The One Big Beautiful Bill Act is now nameless, joining a long line of reconciliation bills before including the 2017 tax bill it extends. Schumer just raised a point of order stripping the name out of the legislation.

!!NOW: Hoeven says they'll start voting within the next 15 minutes – 4 finals votes including wraparound via Ken Tran

Barasso says yes to reporters asking if he expects a vote this morning.

Key holdout Lisa Murkowski was asked if the deal is in the hands of the parliamentarian. “It’s in the hands of the people that operate the copy machine”

DISCUSSION happening in the back of the Senate chamber. Murkowski, Barasso, Thune, Crapo, Sullivan all huddled together having what looks to be a v intense conversation.

Wonder what happened overnight on the tax bill? The Senate voted... and voted some more. And it's still voting. Senate Republican leaders are still scrounging up votes to pass Donald Trump’s $3.3 trillion tax and spending bill. buff.ly/142wHT8

Democrats call it “magic math.” Republicans say they’re not doing “anything sneaky.” The GOP use of a controversial revenue-estimating method could, potentially make it easier for lawmakers in both parties to enact broad future changes in tax bills. news.bloombergtax.com/daily-tax-re...

The Senate’s version of President Donald Trump’s proposed tax cut bill will cost the bottom 20% of taxpayers an average of $560 a year while giving an average boost of $6,055 to those at the top end.

Senate Republicans are moving forward with a plan to mask the $3.8 trillion cost of extending expiring tax cuts in President Donald Trump’s signature economic legislation by using an unprecedented accounting maneuver. buff.ly/v9pPsAl

The Trump White House is moving at a far faster clip in 2025 to remake the federal government and American life, in large part because Stephen Miller has put the agenda on steroids.

Get some shut eye, folks. The Senate vote-a-rama excitement begins at 9 am.

CRAPO: "We do not have a revenue problem in America, we have a spending problem. That's why we asked JCT to score this legislation under a more realistic scenario using a current policy baseline." Crapo also touts the bill's spending cuts

CRAPO in an emotional appeal on the tax bill: "Only in DC is the refusal to raise your taxes an increase in the deficit."

Hall of Fame Floor Chart from Sen. Lindsey Graham illustrating an aspect of the tax bill's deficit impact.

NOW: Thom Tillis "I will not be seeking re-election"

WYDEN: "I am disappointed that the Republican rewrite of the provider tax changes will remain in the bill: this policy will force states into devastating cuts to health care that seniors, kids and Americans with disabilities depend on." buff.ly/0wqzxsX

NEW: Senate bill would mean a $3.3 trillion deficit increase over a decade, per CBO estimate www.cbo.gov/publication/...

Tax bill passes 51-49 with 2 GOP Nos, Tillis and Paul. Ron Johnson switched his No to Yes. We’re on to a live bill reading before 20 hours of debate (10 for each side, GOP could give some back.) and then on to the vote-a-rama.

Majority Leader Thune called up amendment #2360 to H.R. 1, and then asked for unanimous consent for the reading of the bill to be dispensed with. Democrat Leader Schumer objected to this request. The Senate clerk is began reading the bill at 11:08 p.m. on Saturday June 28th 2025.

Rand Paul, Thom Tillis and now Ron Johnson are Nos on the Senate tax bill procedural vote. Susan Collins a Yea. If this holds, VP JD Vance will be needed to break the 50-50 tie and keep momentum going on Trump’s massive signature tax bill.

Senate Tax Bill Changes Opportunity Zone Capital Gains Timing news.bloombergtax.com/daily-tax-re...

Dems forcing a reading of the bill before the motion to proceed would mean Senate floor staff reading nearly 1,000 pages BEFORE the 20 hours of debate and THEN a vote-a-rama. Be nice to the Senate staff working nonstop for what could be days.